The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latestU.S. Census BureauandU.S. Department of Housing & Urban DevelopmentResidential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May.
More inventory means more options.Mark Fleming, First American’s Chief Economist, explainedthat this is good news for the housing market – especially for those looking to buy:
“The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages.”
More inventory means more competition.Today, because of the tremendous lack of inventory, a seller can expect:
If you are considering selling your house, you’ll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house.